Whenever one is considering fund generating options, they come to realize the importance of a good CIBIL score. However, maintaining a minimum CIBIL score for a personal loan can sometimes be difficult. With this article, we will take you through five simple yet very effective ways to improve your CIBIL score.
Following these steps will allow you to opt for a number of different financing services with ease. Besides, it will also help you achieve the ideal CIBIL score required for the personal loan. you can check free CIBIL score online Therefore, you will never have to compromise on your needs due to lack of funds ever again.
One of the first things that you can consider to improve your CIBIL score is regarding your bill payment strategy. Every month, there are a number of different bills that you need to pay to make your home or offices feel comfortable. This way, you will be able to maintain a healthy payment cycle. It will be reflected in your CIBIL score rating, which will eventually increase your chances of getting financing services. Therefore, by paying your bills on time, you will be able to improve your CIBIL score significantly.
Having multiple credit cards has become quite a common situation in India. However, when you are not using a credit card, you generally end-up closing it permanently. This is usually done to save the annual fee on the credit card. Instead of doing so, you can ask your credit card company to switch your scheme to one which does not generate annual charges. If you are wondering why keeping your credit card open can be good, it is because it gives financing institutes an idea of your credit history and rating. Therefore, it can help improve your CIBIL score.
One of the biggest negatives that can be reflected on your credit score is with regards to multiple financing services. When you need funds, do not go around applying for multiple services. It can often result in rejection of the application as well as a bad credit rating. It is because companies would take you to be a risk factor. Especially, when they notice that you have applied for multiple finance generating options like personal loans at the same time. Moreover, if you have multiple financing accounts open at once, then it can also lead to a negative credit score. Thus, if you want to improve your CIBIL score, keep this point in mind.
Partner’s or parent’s credit score
In case you feel that there is no way to opt for a financing service without disturbing your credit score, then you can also piggyback on your partner or parents account. In simple words, it means that you can borrow finance through your partner or either parent, so that, it is not reflected on your credit rating. It is one of the easiest ways to improve your CIBIL score while still enjoying financing services available in India.
Mixing account types
Lastly, you should never opt for only one type of financing service and that too in a large volume. Instead, have a balanced mix of different financing accounts so that organizations can have a look at your portfolio and handling capacity. It will give them an idea of your repayment strategy as well as your creditworthiness. Thus, it will also improve your CIBIL score. Moreover, by opting for different loans for specific reasons, you will be able to make the most of the financing alternatives available.
Bajaj Finserv is known to offer pre-approved deals for financing services like personal loans, home loans, business loans, and more. These deals can make loan processing easy for borrowers as well as completely hassle-free.
You can unlock your special pre-approved loan offers by submitting basic information like name and contact details.